ADMA Biologics, Inc.

ADMA reported second-quarter revenue of $124.4 million, up 2% year over year from $122 million. Gross profit was $86.3 million and gross margin was 69%, versus 55% a year ago. Adjusted EBITDA was $61.8 million, up 22% year over year; adjusted net income was $39 million, up 8%; and GAAP net income was $37.8 million, up 11%. ASCENIV revenue increased 24% year over year to $102.9 million, while BIVIGAM revenue was $19.4 million and improved sequentially from Q1. The company ended the quarter with approximately $136 million in cash and cash equivalents, net leverage of less than 0.5 turn, and about $100 million of additional revolver capacity. For 2026, ADMA reiterated guidance for total revenue of $530 million to $560 million, adjusted EBITDA of $265 million to $300 million, and adjusted net income of $170 million to $200 million, while assuming continued standard IG pricing pressure and ASCENIV as the main growth driver.

Adam Grossman emphasized that the quarter validated ASCENIV’s long-term growth trajectory, pointing to accelerating end-user utilization, broader physician adoption, new patient starts, and stronger payer engagement. He framed the company as still early in penetrating the later-line refractory PI market and said the expanding real-world evidence base should support continued adoption. His tone was confident and upbeat, while still acknowledging ongoing competitive pressure in the standard IG market.

Terry Kohler highlighted the financial leverage in the model: revenue of $124.4 million, gross profit of $86.3 million, gross margin of 69%, adjusted EBITDA of $61.8 million, and adjusted net income of $39 million. He noted the effective tax rate was 24.7%, with normalized rate expected at about 24% going forward. On the balance sheet, he cited roughly $136 million in cash, net leverage below 0.5 turn, about $100 million of unused revolver capacity, 7.1 million shares repurchased in the quarter, 13.8 million shares repurchased year to date, cash from operations of about $30 million, AR of $138.2 million, DSOs of about 101 days, and inventory of $239.3 million. He reiterated that the company expects to keep targeting DSOs of 90 to 105 days and continue buying back shares while funding growth and SG-001 development.

Analysts focused on three main areas: the McKesson relationship, ASCENIV reimbursement/access, and whether the rebound in utilization could continue. Management said McKesson is part of the go-forward ASCENIV strategy, with some buying groups not overlapping existing call points and slightly faster payment terms, and they expect the relationship to continue into 2027. On reimbursement, management said access remains broad, prior auth remains common across IG, and commercial payer access is improving quarter over quarter. They also said June utilization was outsized, but their full-year assumption still smooths to 2% to 4% month-over-month ASCENIV growth.